Mininglamp Tech Unit to Buy Stake in Pansoft for 859 Million Yuan
Mininglamp Technology's (HKG:2718) indirect wholly owned subsidiary agreed to acquire a 19.07% stake in enterprise software provider Pansoft (SHE:300996) for about 858.9 million yuan in cash, according to a Wednesday Hong Kong bourse filing.The company said the acquisition of 75.5 million Pansoft shares is expected to make it the controlling shareholder of Pansoft upon completion, with Mininglamp Chairman Wu Minghui becoming the de facto controller.The deal remains subject to regulatory approvals and other closing conditions.Mininglamp said it will fund half of the purchase price by reallocating 450 million yuan of unutilized IPO proceeds originally earmarked for research and development, product development, and marketing, with the balance to come from internal and self-raised funds.
